Emami Group completes sale of cement unit to Nuvovo.

Home-grown FMCG major Emami said recently that the group has completed sale of Emami Cement to Nuvoco Corporation Ltd. for an enterprise value of ₹5,500 crore. The deal is seen as an attempt to being down the promoters’ – the Agarwal and the Goenka families – pledge in the Emami Group’s flagship arm, Emami Ltd.

“The deal was completed with the transfer of 100 per cent shares of Emami Cement shares to Nuvoco Corporation Ltd. (NVCL) by Emami Group today,” it said in a stock market notification.

Emami Group promoters have already gone on record to say that the promoter-level pledge will be reduced to nil in Emami Ltd. by March 2021.

HBL